EU plans energy market intervention; Shell boss warns of more than one winter of energy cost pain; Elon Musk says more oil and gas needed; NZ employment still growing; Business loan demand down
WRT business credit decline, Professor Steve Keen has ably demonstrated that negative credit ( macro economicallly) is indicatory of recession. It is likely that the housing market will be our saviour, unless that collapses.
Bernard Hickey, your commentary on Russia especially is so limited. You have a very slanted OPINION of what is happening in the Ukraine, which does you and your listeners no favours. I don't expect you to be a Russian cheerleader but I do expect some sense of fairness and accuracy when reporting about the situation in both Russia and the Ukraine. Because you are not well versed on Russia, I'm starting to doubt your analysis of NZ economics as well. I know it is not safe to report accurately what is happening in Ukraine, or about Russia, otherwise you're bound to be cancelled, but a reasonably objective view would have been appreciated. For example, your reporting about Russian gas to Germany/Europe briefly touches on some areas of fact, but you tend to leave out other facts which provide a fairer and more accurate picture. I paid my subscription because I thought you would provide a reasonably balanced and accurate picture. Very disappointed.
In fairness, you should be specific about what is inaccurate and clarify your objective view about the causes of the situation in Ukraine -- even at the risk of being cancelled. It'd be interesting to hear.
None of that is evidence that Bernard has been wrong on Russia -it is merely a pro (Ras))Putin rant in favour of it's power - why attack an independent country ? Unless,of course , all you say is the output of a Rasputin troll Factor y
There are several reasons Russia carried out this SMO. And if you denegrate evidence based discussion as coming from a Rasputin troll factory and accepting Bernard's stenography from the likes of BBC and CNN, Really I have nothing further to discuss. But according to Bernard Ukraine is winning, so take that Putin. Putin is trying to punish Europe by witholding gas from them - that should make them like him even more - yeah so take that Putin! "We'd rather freeze and starve than give in to you" - so take that Putin. But hey what do I know. I'm just from a Rasputin troll farm. Interestingly I paid to belong to this site bc I thought people would be far more robust regarding truth seeking and evidence based discussion. But sadly I was wrong.
As a lover of Russian culture (literature,music architecture and art) looking around my lounge with it's imitation decorated eggs. icons and Petruska dolls and memories of the lovely Russian people I met on my visits (albeit post Stalin and pre
Putin) I think you are right, it is Putin you support, not the Russian people.
I do not know who I feel more sorry for - the Ukrainian (soldiers and civilians) or Russian conscripts. Das vedanya.
'Gas prices risen from E30 - E300 mwp that's bc Russia has virtually shut off all its gas supplies to Europe and Germany in particular through its Nordstream 1... re maintenance issues. Europe believes it's VP's applying pressure Europe to give up support for Ukraine etc.'
1. Europe applied sanctions on Russia primarily aimed at destroying the Russian economy and through a people's revolt, ridding Russia of that very tiresome (well for the West at least, he has an 80% approval rating in Russia) VP. Because we all know Russia is "just a country masquerading as a gas station", "It's GDP is smaller than California" etc etc. But would you believe that VP is still the president, 'the Ruble hasn't turned to rubble' in the words of the famous leader of the free world and democratic world, Mr Joseph Biden and Russia is experiencing 'deflation' with prices/interest rates dropping and pensioners getting an increase. Due to sanctions many 'brands' have left the country but some have returned 'Russiafied'. Not saying Russia's economy is doing wonderfully well but I think they surprised themselves at how well they ARE doing in spite of the 7th? 8th? tranche of sanctions about to be rolled out!
The West's actions are in keeping with the well known USA mantra; Keep Russia out, Germany down and US in.
2. Sanctions prevented Russia from selling its oil and gas to Europe in exchange for Euros. Russia then said 'good news!' if you give Gasprom Bank Euros, they'll exchange it for Rubbles, they'll put the Rubs into your account and then you can buy our gas and oil. Mmmm... not all of Europe were pleased. Hungary went along with it bc they know people need gas/oil for industry, heating/living etc but the Greens in Germany had well 'Green' ideas. Or Germany could get LNG/Oil from the US, Qatar, Saudi Arabia. (BTW no they can't!). Luckily for Russia, China and India said 'oh, we'll take your oil/gas'. And Russia said 'sure and we'll give you a special deal.' So China and India in particular are buying large quantities of oil and gas from Russia and selling it on to......other 'countries' at a higher price. Russia and China are also building a gas pipeline to carry gas to China. And you know China, they do do things in record time.
3. Under Merkle's stewardship of Germany, Russia invested billions in laying Nordstream 2, to carry Russ gas to Germany. After line completion Germany then said we don't want your stinken gasline. Oh dear. That's fine. So Germany remained with Nordstream 1 but I wonder why they wanted/needed a second gasline....not because of maintenance issues with NS1? Perhaps Russia is playing games, but NS1 turbines were sent to Canada for maintenance and the Canadians said they couldn't return them bc.. sanctions. When Canada did decide they could 'override' the sanctions, the pesky Russians found problems with documentation etc. Now the Gs are talking about opening up Nordstream 2. Good luck with that one.
2. So basically now Europe will have to deal with a cold winter, wash themselves with wipes and no doubt use donkeys to transport their goods from one place to another. But of course the well off will be able to use private jets to take them to Davos to talk about the plebs having to eat bugs or some such delicacy, while they, themselves can dine on steak and caviar (oh caviar is Russian and all Russian things are BAD so no caviar.)
I'm not sure why BH thinks Russia wants Europe's approval and support. Russia has turned its back on the West and is now more interested in dealing with the BRICS countries, the Global South. Argentina and Iran are joining up. Interesting to see which way Turkey and Saudi Arabia go. If you are interested in learning more about the situation in Ukraine I would recommend these YT sites;
New Atlas, The Duran, Scott Ritter, Colonel Douglas McGregor, (these last 2 are better when talking to an interviewer), Military Summary for a Ukrainian view of the progress of the war, Larry Johnson (Sonar21.com), Andrei Martynov (smoothiex12.blogspot.com). Very different view to BH's and MSMs, but perhaps getting an opposing view may help with the puzzle; ie why is Russia continuing to gain ground in Ukraine when they are running out of military equipment, all their soldiers have been killed and the Ukrainians are so damn good at this war thing esp with all their Western military resources and the billions of $US being spent on the later.
A few thoughts on today's Kaka :) Firstly, when the Europeans talk of ‘renewables’ during winter they mostly mean biomass, aka burning wood pellets, which for every megawatt hour of electricity it produces 15-20% more CO2 than coal. This is deeply concerning for obvious reasons.
I guess this European winter will show us how committed humanity is to protecting our biosphere and collective future, or if all along fighting climate change has just been about preserving industrialisation. Elon's comments certainly highlight what he's most interested in preserving, no surprises.
Secondly, Angus Luffmans comment about labour being a major struggle for business confidence. It’s as if despite decades of time to plan, businesses have completely failed to prepare for boomers retiring. Astoundingly lack of foresight. This is not confined to NZ either and will have the biggest impact on China in the coming decade.
Both of these issues has me considering more the possibility of voluntary degrowth being the best way out of this pickle we've got ourselves in. The world just needs a serious mindset shift after a few hundred years of worshiping industrialisation...no small feat.
WRT business credit decline, Professor Steve Keen has ably demonstrated that negative credit ( macro economicallly) is indicatory of recession. It is likely that the housing market will be our saviour, unless that collapses.
Bernard Hickey, your commentary on Russia especially is so limited. You have a very slanted OPINION of what is happening in the Ukraine, which does you and your listeners no favours. I don't expect you to be a Russian cheerleader but I do expect some sense of fairness and accuracy when reporting about the situation in both Russia and the Ukraine. Because you are not well versed on Russia, I'm starting to doubt your analysis of NZ economics as well. I know it is not safe to report accurately what is happening in Ukraine, or about Russia, otherwise you're bound to be cancelled, but a reasonably objective view would have been appreciated. For example, your reporting about Russian gas to Germany/Europe briefly touches on some areas of fact, but you tend to leave out other facts which provide a fairer and more accurate picture. I paid my subscription because I thought you would provide a reasonably balanced and accurate picture. Very disappointed.
In fairness, you should be specific about what is inaccurate and clarify your objective view about the causes of the situation in Ukraine -- even at the risk of being cancelled. It'd be interesting to hear.
Indeed Win detail please so we can assess your comments - without evidence you sound like Counterspin
So did you ask BH for evidence?
To Win
None of that is evidence that Bernard has been wrong on Russia -it is merely a pro (Ras))Putin rant in favour of it's power - why attack an independent country ? Unless,of course , all you say is the output of a Rasputin troll Factor y
There are several reasons Russia carried out this SMO. And if you denegrate evidence based discussion as coming from a Rasputin troll factory and accepting Bernard's stenography from the likes of BBC and CNN, Really I have nothing further to discuss. But according to Bernard Ukraine is winning, so take that Putin. Putin is trying to punish Europe by witholding gas from them - that should make them like him even more - yeah so take that Putin! "We'd rather freeze and starve than give in to you" - so take that Putin. But hey what do I know. I'm just from a Rasputin troll farm. Interestingly I paid to belong to this site bc I thought people would be far more robust regarding truth seeking and evidence based discussion. But sadly I was wrong.
Spasiba Win,
As a lover of Russian culture (literature,music architecture and art) looking around my lounge with it's imitation decorated eggs. icons and Petruska dolls and memories of the lovely Russian people I met on my visits (albeit post Stalin and pre
Putin) I think you are right, it is Putin you support, not the Russian people.
I do not know who I feel more sorry for - the Ukrainian (soldiers and civilians) or Russian conscripts. Das vedanya.
'Gas prices risen from E30 - E300 mwp that's bc Russia has virtually shut off all its gas supplies to Europe and Germany in particular through its Nordstream 1... re maintenance issues. Europe believes it's VP's applying pressure Europe to give up support for Ukraine etc.'
1. Europe applied sanctions on Russia primarily aimed at destroying the Russian economy and through a people's revolt, ridding Russia of that very tiresome (well for the West at least, he has an 80% approval rating in Russia) VP. Because we all know Russia is "just a country masquerading as a gas station", "It's GDP is smaller than California" etc etc. But would you believe that VP is still the president, 'the Ruble hasn't turned to rubble' in the words of the famous leader of the free world and democratic world, Mr Joseph Biden and Russia is experiencing 'deflation' with prices/interest rates dropping and pensioners getting an increase. Due to sanctions many 'brands' have left the country but some have returned 'Russiafied'. Not saying Russia's economy is doing wonderfully well but I think they surprised themselves at how well they ARE doing in spite of the 7th? 8th? tranche of sanctions about to be rolled out!
The West's actions are in keeping with the well known USA mantra; Keep Russia out, Germany down and US in.
2. Sanctions prevented Russia from selling its oil and gas to Europe in exchange for Euros. Russia then said 'good news!' if you give Gasprom Bank Euros, they'll exchange it for Rubbles, they'll put the Rubs into your account and then you can buy our gas and oil. Mmmm... not all of Europe were pleased. Hungary went along with it bc they know people need gas/oil for industry, heating/living etc but the Greens in Germany had well 'Green' ideas. Or Germany could get LNG/Oil from the US, Qatar, Saudi Arabia. (BTW no they can't!). Luckily for Russia, China and India said 'oh, we'll take your oil/gas'. And Russia said 'sure and we'll give you a special deal.' So China and India in particular are buying large quantities of oil and gas from Russia and selling it on to......other 'countries' at a higher price. Russia and China are also building a gas pipeline to carry gas to China. And you know China, they do do things in record time.
3. Under Merkle's stewardship of Germany, Russia invested billions in laying Nordstream 2, to carry Russ gas to Germany. After line completion Germany then said we don't want your stinken gasline. Oh dear. That's fine. So Germany remained with Nordstream 1 but I wonder why they wanted/needed a second gasline....not because of maintenance issues with NS1? Perhaps Russia is playing games, but NS1 turbines were sent to Canada for maintenance and the Canadians said they couldn't return them bc.. sanctions. When Canada did decide they could 'override' the sanctions, the pesky Russians found problems with documentation etc. Now the Gs are talking about opening up Nordstream 2. Good luck with that one.
2. So basically now Europe will have to deal with a cold winter, wash themselves with wipes and no doubt use donkeys to transport their goods from one place to another. But of course the well off will be able to use private jets to take them to Davos to talk about the plebs having to eat bugs or some such delicacy, while they, themselves can dine on steak and caviar (oh caviar is Russian and all Russian things are BAD so no caviar.)
I'm not sure why BH thinks Russia wants Europe's approval and support. Russia has turned its back on the West and is now more interested in dealing with the BRICS countries, the Global South. Argentina and Iran are joining up. Interesting to see which way Turkey and Saudi Arabia go. If you are interested in learning more about the situation in Ukraine I would recommend these YT sites;
New Atlas, The Duran, Scott Ritter, Colonel Douglas McGregor, (these last 2 are better when talking to an interviewer), Military Summary for a Ukrainian view of the progress of the war, Larry Johnson (Sonar21.com), Andrei Martynov (smoothiex12.blogspot.com). Very different view to BH's and MSMs, but perhaps getting an opposing view may help with the puzzle; ie why is Russia continuing to gain ground in Ukraine when they are running out of military equipment, all their soldiers have been killed and the Ukrainians are so damn good at this war thing esp with all their Western military resources and the billions of $US being spent on the later.
Lets hear your counterfactuals to BH's analysis so we can judge for ourselves.
A few thoughts on today's Kaka :) Firstly, when the Europeans talk of ‘renewables’ during winter they mostly mean biomass, aka burning wood pellets, which for every megawatt hour of electricity it produces 15-20% more CO2 than coal. This is deeply concerning for obvious reasons.
I guess this European winter will show us how committed humanity is to protecting our biosphere and collective future, or if all along fighting climate change has just been about preserving industrialisation. Elon's comments certainly highlight what he's most interested in preserving, no surprises.
Secondly, Angus Luffmans comment about labour being a major struggle for business confidence. It’s as if despite decades of time to plan, businesses have completely failed to prepare for boomers retiring. Astoundingly lack of foresight. This is not confined to NZ either and will have the biggest impact on China in the coming decade.
Both of these issues has me considering more the possibility of voluntary degrowth being the best way out of this pickle we've got ourselves in. The world just needs a serious mindset shift after a few hundred years of worshiping industrialisation...no small feat.